FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1FinancialsMay 31, 2024
Movado’s Q1 Sales Fall 6%
The company attributed the decline to a “challenging” retail environment.
Model Georgia May Jagger, daughter of model Jerry Hall and Rolling Stones frontman Mick Jagger, stars in a campaign for Tommy Hilfiger, a licensed brand in Movado’s portfolio. Movado’s first-quarter sales were down 6 percent.
Paramus, N.J.—Movado Group started its fiscal year on a low note but the retailer has big plans for the year ahead as it ramps up its marketing spend.
“We are pleased with our first-quarter results, which are in line with our expectations and reflect the successful execution by our team in a retail environment that continues to be challenging,” CEO Efraim Grinberg said.
“During the quarter, we drove positive momentum with powerful new product innovation led by the performance of our new Movado Bold Quest and strong double-digit growth at Movado.com, which accelerated with our spring television campaign.”
Grinberg highlighted the company’s previously announced plan to increase marketing spend to $25 million, ramping up in the second quarter, and the launch of a new Movado campaign in the fall.
In the first quarter ending April 30, net sales fell 6 percent year-over-year (6 percent on a constant dollar basis) to $136.7 million.
Movado attributed the decrease to sales declines at brick-and-mortar stores owned by wholesale customers, as well as those operated by Movado.
Related stories will be right here …
“We are pleased with our first-quarter results, which are in line with our expectations and reflect the successful execution by our team in a retail environment that continues to be challenging,” CEO Efraim Grinberg said.
“During the quarter, we drove positive momentum with powerful new product innovation led by the performance of our new Movado Bold Quest and strong double-digit growth at Movado.com, which accelerated with our spring television campaign.”
Grinberg highlighted the company’s previously announced plan to increase marketing spend to $25 million, ramping up in the second quarter, and the launch of a new Movado campaign in the fall.
In the first quarter ending April 30, net sales fell 6 percent year-over-year (6 percent on a constant dollar basis) to $136.7 million.
Movado attributed the decrease to sales declines at brick-and-mortar stores owned by wholesale customers, as well as those operated by Movado.
Quarterly sales in the U.S. were down 6 percent year-over-year while international sales fell 5 percent (6 percent on a constant dollar basis).
Gross profit was $75.5 million, or 55 percent of net sales, compared with $82 million, or 57 percent of net sales, in the previous first quarter.
The decrease in gross margin percentage in Q1 was attributed to an “unfavorable” change in channel and product mix, along with the decreased leverage of certain fixed costs due to lower sales.
Movado reiterated its guidance for the year ahead, expecting fiscal 2025 net sales to be between $700 million and $710 million, with gross profit of approximately 55 percent of net sales, and operating income in the range of $32 million to $35 million.
“We remain committed to executing our growth strategy, with our strong financial position allowing us to invest in targeted areas,” said Grinberg.
“We expect our amplified marketing messaging to grow brand awareness and deliver a return to sales growth in the second half of the year.”
More on Financials
The Latest
Policies & IssuesMay 14, 2025
Here’s What Happened to Pope Francis’ RingBefore Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.
AuctionsMay 14, 2025
Custom Rolex Pulled From Sotheby’s SaleThe one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.
Lab-GrownMay 14, 2025
State of Diamonds: What’s Next for Lab-Grown Diamonds?While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeMay 14, 2025
Seattle Detectives Seek Public’s Help in Tiffany & Co. Robberies The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.
Weekly QuizMay 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsMay 14, 2025
Jeff Corey Elected Chair of JBT Board The well-known Maine jeweler takes over for Brian Fleming and will serve a one-year term.
Policies & IssuesMay 14, 2025
Foundrae Donates $11K to Ethical MetalsmithsThe donation was the result of the brand’s annual Earth Day Ingot event.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
IndependentsMay 13, 2025
Eiseman Jewels’ Renovated Dallas Store Is Bigger and BetterLocated in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.
MajorsMay 13, 2025
DCA Announces New Learning Platform, Course UpdatesThe nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.
MajorsMay 13, 2025
BIJC Launches New Education FundBIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.
TrendsMay 13, 2025
State of Jewelry Design: The Top 10 Jewelry Trends of the Past DecadeAs a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.
Lab-GrownMay 12, 2025
Lightbox to Go Dark by Summer, De Beers Says The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.
Policies & IssuesMay 12, 2025
Tariffs on Chinese Imports Temporarily Slashed as U.S.-China Reach Deal Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.
Events & AwardsMay 12, 2025
Jewelry By Picasso, Dalí on Display at Florida Art Museum “Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.
Events & AwardsMay 12, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
IndependentsMay 09, 2025
Lugano Diamonds CEO Resigns Amid Internal InvestigationMoti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.
CollectionsMay 09, 2025
Pieces of the Week: Marie Lichtenberg’s Collaborations for Mother’s DayLichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.
SourcingMay 09, 2025
Gemfields Resumes Emerald Mining in ZambiaThe miner announced plans to recommence open-pit mining at Kagem.
CrimeMay 08, 2025
Former NYC Jewelry Store Employee Arrested in 2017 Choking Death of Boss Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.
EditorsMay 08, 2025
5 ‘Superfine’ Met Gala Jewelry MomentsAssociate Editor Lauren McLemore shares her favorite looks from a night of style inspired by Black dandyism.
Supplier BulletinMay 08, 2025
Instappraise Introduces Game-Changing Trifold Appraisal FormatSponsored by Instappraise
IndependentsMay 08, 2025
Margot McKinney Lands in the U.S. With New BoutiqueThe brand’s first independent location outside of Australia has opened in Beverly Hills, California.
IndependentsMay 08, 2025
Verragio Announces New Regional Sales ManagerCathy Marsh will lead the jewelry company’s efforts in the upper Midwest and western United States.
ColumnistsMay 07, 2025
The Smart Lab: Building a Seasonal Marketing Strategy for Mother’s Day and BeyondConnecting with your customers throughout the year is key to a successful holiday marketing push.
SourcingMay 07, 2025
Gemfields Says Emerald Sales Improved in Latest AuctionIts commercial-quality emerald sale held last month totaled more than $16 million, up from about $11 million in September 2024.
TechnologyMay 07, 2025
Punchmark’s Latest Podcast Features a Very Special Guest National Jeweler Editor-in-Chief Michelle Graff joined Michael Burpoe to talk tariffs, consumer confidence, and the sky-high price of gold.
